Chicago Fed’s Goolsbee preaches caution on interest rate hikes amid bank sector concerns

The new president of the Chicago Federal Reserve said the central bank needs “to be cautious” about further increases in interest rates in light of the failure of Silicon Valley Bank and the resulting stress on the U.S. financial system.

Austan Goolsbee, who took over the Chicago Fed in January, said the U.S. central bank should proceed with “prudence and patience” until it can determine the extent of the damage to the financial system.

Since…